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Unfair or Deceptive Trade Practices Prepaid Payment Products

Goodwin

FRB Fines Utah Prepaid Debit Card Company $44 Million for Unfair and Deceptive Practices

Goodwin on

O​​​​​​​n July 19, 2024, the Federal Reserve Board announced it had fined a Utah-based company that offers prepaid debit cards $44 million for alleged unfair and deceptive practices as well as an alleged deficient consumer...more

Manatt, Phelps & Phillips, LLP

CFPB Director Chopra’s First Consent Order Confirms Return to Pushing the Envelope

On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more

Manatt, Phelps & Phillips, LLP

Prepaid Card Company to Pay $53M to Settle FTC Charges

A prepaid card company agreed to pay the Federal Trade Commission $53 million to settle charges that the company tricked consumers about access to their funds....more

Smith Debnam Narron Drake Saintsing & Myers,...

Bad System Conversion Leads to CFPB Consent Order for Prepaid Card Provider and its Vendor

The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more

Troutman Pepper

Consumer Financial Regulation: Pennsylvania

Troutman Pepper on

A Q&A guide to consumer finance regulation in Pennsylvania. This Q&A addresses state-specific laws governing the offering and sale of consumer financial products and services, including credit cards, residential...more

Goodwin

Lender’s Allegedly “One-Sided” Gift Card Arbitration Clause Questioned

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On August 6, 2015, a California federal judge requested further briefing on whether the arbitration clause in a lender’s Visa gift card user agreement may be unenforceable against a putative class action plaintiff – raising...more

Pillsbury Winthrop Shaw Pittman LLP

Stay Tuned: Pennsylvania Bill Would Require Cash Refunds on Certain Gift Cards/Certificates

Pennsylvania may be joining the several states that require that certain gift cards and gift certificates be redeemable for cash. Senate Bill 150 would require that a gift card or gift certificate be redeemable for cash when...more

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